KAMC WILL TAKE UP SHARES IN KYOBO LIFE

Korea Asset Management Corp (KAMC), an agency run by the state, has said that it will take up some of the rights issue of South Korean assurer Kyobo Life. Earlier this life Kyobo Life said that it would be selling 2m shares in order to raise 370bn won ($394m) in shares to existing shareholders, ahead of a planed initial public offering. Kyobo chairman Shin Chang-Jae and his partners own 53% of the copmpany. Daewoo International owns 24%, while KAMC owns 11%. The state finance ministry owns 6.5%. Daewoo said that it was considering whether to subscribe to the share issue.